Natural Gas Futures Rose Back!

Natural Gas Futures Rose Back!

Natural Gas Futures Rose Back!

Natural Gas Futures Rose Back!

Natural gas futures rose back to $7.90 after Putin’s announcements, supported by the demand from European countries. With the coming of cooler autumn weather, Refinitiv projected demand, including exports, would fall from 91.6 bcfd this week to 90.1 bcfd next week. Meanwhile, domestic supply is set to rise as the Cove Point LNG plant in Maryland is set to shut down for maintenance in October, disabling exports abroad and increasing stockpiles for domestic utilities.The first resistance to be tested is $8,13 and first support on a decline is $7,59 Level.

The Federal Reserve is expected to deliver a 75 bps hike during its September 2022 meeting, which would be the third straight three-quarter point increase, pushing borrowing costs to the 3%-3.25% range, the highest since 2008. Some analysts still bet the central bank could deliver an even bigger rate hike. At the same time, the so-called dot plot is expected to show interest rates will likely reach 4% by December, above 3.4% projected in June, and rise to around 4.5% next year, higher than 3.8% seen three months ago. Fed policymakers have been reiterating their commitment to bring inflation down which holds close to levels not seen in 40 years. Investors will also keep a close eye on new projections for inflation, unemployment, and GDP.

NATURAL GAS

 

Previous News

WEEK SO FAR
21 September 2022 14:03

WEEK SO FAR

Next News